The 11P’s of marketing is an extended marketing mix, combining eleven major elements that work together to achieve the objectives of a company’s marketing strategy. The mix is combined to meet the expectations and needs of customers and to provide better products and services.
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What Are The 11P’s of Marketing?
Essentially, the 11 P’s of marketing is a comprehensive list of things that you need to consider when you market your products and service. Below we have outlined various components of the 11P’s for you:
The first and most important of the 11 P’s of marketing is Product. The first thing that customers take notice of is what products or services do you offer. It is said that a good product almost markets itself as its qualities will speak for itself. A good product will also be marketed through word of mouth promotion. Hence, ensuring product quality plays a significant role in marketing.
Pricing is another element among the fundamental P’s of marketing. It refers to understanding how much the consumers are willing to pay for your products and services, and price them accordingly.
It is a very important element, as your product’s value relies on it. Even if you get all other P’s right, your product might turn out to be a flop without correct pricing. If you fail to predict a (somewhat) accurate willingness to pay, and price your offerings higher, then your product will not meet consumers’ expectations. On top of that, if your competitor advertises products that offer service of equal quality at a lower rate, customers will surely opt for your competitor. On the other hand, if the pricing is too low, it will lessen the perceived value of the product.
Promotion includes advertising, deals promotions, personal selling, publicity, and such methods of product branding that intend to draw customers towards your business. Only through effective promotion can you grow a business!
To leave an impact on your target customers, your message needs to be seen first and that is where Placement comes in. You wouldn’t pay for ad space in a dark alley, right? It would be a waste of money and effort. Your marketing message should be placed where it can access your prospective customers easily. In fact, placement affects the message itself.
In addition, your marketing message should not only be visible to your audience, but it also needs to make an impression on them. A reliable place like a newspaper will pay a part of its credibility to your message. On the other hand, a less reliable source of advertisement will create a negative association with your product and drive customers further away.
Another important P of marketing is People, which refers to how your marketing strategy should target a specific group of people. It can be a large group or a small one, but as long as you know who your customers are, you can identify a pattern of behavior, and proceed to meet their expectations accordingly. Unless you figure out who is buying from you, you can’t target them with your marketing efforts.
Any process in a business that has an impact on establishing, creating, and distributing products falls under the 6th P of marketing, which is the Process. It can be crucial to achieving customer satisfaction, as it largely depends on the execution of the business processes.
7. Physical Evidence
Services (unlike products) are intangible and often cannot be experienced before it is delivered directly to consumers. Therefore, customers take a certain risk when they decide to purchase a service. Thus, to give the customers a sense of reliability, it is important to provide a Physical Evidence, which promises good quality service and customer satisfaction. This may include case studies, demonstrations, or testimonials.
Using data or the internet to deliver your brand message to individual prospects is what personalization is all about. By gaining insights on who your customers are and where their preferences lie, you can increase marketing relevancy through Personalization. This means that by collecting user data through surveys, studies, or list segments you can create more effective marketing.
The act of engaging consumers in order to allow them to have a say on your brand stance, advertising messages, product values, and even the ads you run is referred to as Participation, another one of the 11P’s of marketing. Users can communicate with your business through discussion forums, meetings, and special content to democratize your service.
Peer-to-Peer marketing is an effective way to gain the trust of your customers. If you can develop a good relationship with an opinion leader, he or she will then advocate for your product and deliver proof of your credibility. Which will then associate the credibility of the person to your product. Attempting this angle comes with certainty and promises that the purchase will pay off. And so it is definitely worth it.
11. Predictive Modeling
Predictive modeling includes the algorithms that are applied to solve marketing problems and to determine the next marketing moves required. It is based upon the demographic characteristics and past purchase behavior of customers. Predictive modeling will help you decide which goods to produce, how much to produce, and where to distribute them.
To sum up, your approach to the 11 P’s of marketing should naturally evolve depending on which group of people you are targeting. While each target group will receive different marketing mixes with varying levels of acceptance, you can build a solid marketing foundation if you follow the 11P’s of marketing keenly.
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